Homeowners make a variety of mistakes when shopping for a mortgage loan. Some mistakes can damage your credit score and affect the interest rate you qualify for. Here are tips to avoid common mortgage mistakes.
Protect Your Credit
Shopping from a wide variety of mortgage lenders and brokers is a smart idea; however Cheap Gianluigi Donnarumma Jersey , do not let these lenders access your credit while you shop for a mortgage. Anytime a lender accesses your credit an inquiry is logged on your history. Too many credit inquiries in a short period of time will damage your credit score.
When shopping for a mortgage online always request no obligations quotes. Do not provide your Social Security number until you are ready to apply for the mortgage choose. By withholding your Social Security number when shopping online mortgage lenders will not be able to access your credit until you are ready.
Provide Accurate Information
Make sure the information you are providing is accurate; do no overestimate your income or assets. If you inflate your income or credit standing when requesting quotes the lender may change the mortgage or interest rate once they have accurate information. This can hurt your changes of being approved with the best interest rate.
Your application process will be much easier if you provide an accurate picture of your income, assets, and credit standing.
Use Reputable Websites
Make sure the websites you visit are from reputable companies. If they request information make sure the websites use secure connections. You can tell if a website is secure by looking for the padlock in the lower right corner of your browser window. Look for mortgage lenders that have a privacy policy and certification from organizations such as the Better Business Bureau Online.
To learn more about avoiding common mistakes when shopping online for a mortgage sign up for a free mortgage guidebook.
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